Bitcoin (BTC) fell below $ 89,000, while the broader cryptocurrency market collapsed as a Monday sale extended until Tuesday. Nasdaq’s futures pointed out the continuous losses in technological actions and strength in Yen caused fears of an increase similar to August risk aversion.
The largest cryptocurrency fell to only $ 87,000, a last -time level in mid -November, according to Coendesk data. Ethher (ETH), the second largest, fell 9% for 24 hours to $ 2,400. The sun of Solana fell up to 14%, which brought losses from 7 days to more than 20%, while Dogecoin (Doge) and XRP (XRP) lost 11%. The Coendesk 20 (CD20) index, a broader cryptographic market measure, fell 7%.
“Although the recent pro-bitcoin position of the president of the United States, Donald Trump, three proposals at the state level for Bitcoin reserves failed in Montana, North Dakota and Wyoming. The reluctance to adopt the state reserves of Bitcoin Underline political risks, since politicians avoid accusations of speculating with taxpayers’ funds, “said Valentin Fournier, BRN analyst.
“A national reserve strategy, potentially backed by a bond issuance or a partial sale of gold reserves in the United States, could be a more viable path for future adoption,” Fournier added.
According to some observers, the weakness of BTC is consistent with the decrease in the supply of global money earlier this year. “There seems to be a delay between the supply of global money and BTC,” said Andre Dragosch, Chief of Investigation of Europe, Biwise, said in X, pointing out the fall in BTC prices. Keep in mind that the money supply has recently touched, which means that BTC’s fainting may not last long.
For now, the approach seems to be in traditional markets, which are giving risk vibrations. Nasdaq’s futures fell 0.3% early today, indicating an extension of a three -day losing run. The heavy technological index has fallen more than 4% since February 18.
The Yen, a shelter in turbulent times, quoted 149.38 per dollar and seemed to challenge the maximum of almost three months of 148.84 blows on Monday. The JPY has strengthened almost 6% in six weeks in bets that the Bank of Japan (BOJ) will increase rates.
The chatty talk of Boj and the strength of the Yen have revived the memories of July when the Yen increased the increase in the rates of the central bank, which eventually led to an aversion to wide -based risks that saw Bitcoin a clash a clash of approximately $ 65,000 to $ 50,000 in a matter of days.
“Mass strengthening of Yen: sometimes it happens with great risk,” said Joseph Wang, operator of the Fedguy.com research portal last week.
Update (February 25, 09:12 UTC): Add additional details.
Udpate (February 25, 12:54 UTC): Update prices, add a broader cryptography market in the second paragraph.
